FX.co ★ CADJPY bounced from descending trendline resistance, potential for a further drop!

Price holding below descending trendline resistance and moving average. MACD also looking to cross below 0. A drop below 1st resistance at 80.575 towards 1st support at 80.206 is possible.

Trading Recommendation

Entry: 80.575

Reason for Entry:

38.2% Fibonacci retracement, Moving average resistance

Take Profit: 80.206

Reason for Take Profit:

61.8% and -27.2% Fibonacci retracement

Stop Loss: 1.30864

Reason for Stop Loss:

Descending trendline resistance, Graphical swing high